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If at all possible you have to avoid these like the plague! First: Payday loans are very high-cost, short-term loans that ensnare borrowers in a debt trap. The trap starts when you can’t pay back the loan and have to roll it over with a new loan. By one account www.nclc.org the annual percentage rate runs between 391%-782% for a two-week extension of credit. A payday loan is usually a 14 day, cash loan. Typically they cost between $15.00-$30.00 per $100.00 borrowed all payable in 2 weeks. So think about it, if you need to borrow $300.00 today it is unlikely that you will be able to pay back the $300.00 plus interest and fees in 2 weeks and that’s how they get you hooked on rolling over the loan at new added fees. Also understand that in order to get the loan in the first place you have to give the lender a personal check (or authorize the electronic equivalent) to cover the amount borrowed plus interest and fees. The lender holds the check or authorization until the next payday. When the loan comes due, you can redeem the check for cash, allow the check to be deposited, or pay the finance charge and roll the loan over for another pay period at a new fee. Now this is where the lender can get gangster on you if you are not careful. The lenders ability of holding your check and electronic debit authorization combine to hand control of your bank account over to the lender. In addition to the initial personal check, the payday contract often authorizes the lender to withdraw the funds electronically in the event that you stop payment on the first check. Such agreements enable payday lenders to avoid laws that permit you to stop payment on checks. The payday lender may re-present the check several times, to your bank forcing you to incur a non sufficient funds fee each time. or to overdraft fees, either on the payday check or other outstanding checks like your rent check that now bounces because the non sufficient funds fee lowers your balance. So now you pay fees on this check and the payday check and still owe the original balance on the loan and so on and on and this is now a big giant financial mess. So think, think, think long and hard before you go this route!